Mixed reactions have since greeted a landmark decision by President Uhuru Kenyatta to sign the controversial Banking Amendment Bill that would cap interest rates.
However, for the bankers, this move was not anticipated but they now have to abide by it.
Speaking during a press briefing, chairman of the Kenya Bankers Association, Habil Olaka noted that if gazetted the new law might require existing loans to be re-priced or a new application of loans but until then the interim rates will still apply.
He further said that the law had not removed challenges that are linked to high lending rates such as the credit rating system that is still under review.
The association is, however, optimistic that the Inuka program will complement the situation by reducing risks as well as ensuring simplified access to loans.
Meanwhile, Kenyan bank shares fell sharply at the start of trade on Thursday barely a day after the president signed the new law.